HDC, StanChart in US$100mil pact to commercialise halal platform

KUALA LUMPUR: The Halal Development Corporation Bhd (HDC) and Standard Chartered Saadiq have teamed up entered to commercialise the former’s Halal Integrated Platform (HIP).

HDC, in a statement today, said the commercialisation will be via the introduction of Saadiq’s Halal360 as the Islamic financing bank of choice for halal players.

To commemorate the occasion, a memorandum of understanding (MOU) exchange ceremony was held today within the Halal Cluster Week from November 15 to November 20, 2021, at the Malaysian Pavilion, in conjunction with the ongoing World Expo 2020 Dubai in United Arab Emirates (UAE).

Representing HDC was its chief executive officer (CEO) Hairol Ariffein Sahari while Standard Chartered Saadiq was represented by its CEO Khurram Hilal.

As a result of the collaboration, SCS has developed, and together with HDC, announced a US$100 million financing to help small and medium enterprises (SMEs), corporates and multi-nationals companies grow and succeed through HIP.

HDC said both the company and Standard Chartered Saadiq were organising a trade facilitation program in the form of business matching with selected buyers from the Middle East region.

“This is indeed an excellent opportunity for HDC to play a role in completing the one of the most vital needs of many halal companies. The financing program will enable these companies to enter strategic halal market including Middle East and Africa.

“We are certainly honoured that a respected global financial institution such as Standard Chartered is willing to be part of this exciting journey,” Hairol said.

HDC said the financing program will also assist large corporations involved in producing Halal products to expand their business in markets across Malaysia, Middle East and Africa including investments into the 14 halal industrial parks in Malaysia.